Yuexiu Property's King Hai I First-Round Units Sell Out, Raising Over HK$1.09B
AM730 · 3 SOURCESabout 2 hours ago2 MIN
Summary
Yuexiu Property's King Hai I development in Yau Tong achieved exceptional sales on Sunday, with all 200 units from its first-round price list completely sold out, raising over HK$1.09 billion . The project received an overwhelming 39,810 subscription registrations for just 200 units, translating to a 198-fold oversubscription rate . One significant buyer purchased four units—including three two-bedroom and one one-bedroom unit—for over HK$27.1 million for both self-use and investment purposes . The developer subsequently launched Price List No. 3 on Monday, covering 194 additional units, and announced a partnership with Chong Hing Bank to provide exclusive mortgage incentives for buyers . Phase 1 of the project comprises 617 units across Tower 3 and Tower 5, with unit sizes ranging from 242 to 721 square feet and an expected completion date of December 2028 .
Key Points
- All 200 first-round price list units at King Hai I sold out on Sunday, generating over HK$1.09 billion
- The project received 39,810 subscription registrations, with Group A accounting for 9,526 and Group B for 30,284, representing a 198-fold oversubscription
- One major buyer purchased four units—three two-bedroom and one one-bedroom—totaling over HK$27.1 million
- Yuexiu released Price List No. 3 on Monday with 194 units priced from HK$4.18 million after maximum 18% discount
- Chong Hing Bank offers preferential mortgage rates of 1-month HIBOR plus 1.2 percent with cash rebates up to 1.8 percent of loan amount
Why It Matters
The overwhelming 198-fold oversubscription for King Hai I signals robust demand in Hong Kong's new primary residential market, particularly for compact units under 800 square feet in East Kowloon . The project's success, with 30 percent of buyers from Mainland and overseas markets, underscores Hong Kong's continued appeal to cross-border property investors amid ongoing market normalization .